Prime Minister Narendra Modi asserted that instead of trapping the investors in the red tape, we created an environment of the red carpet for investment, and instead of making new complicated laws, we rationalised them.
Addressing the inaugural function of Invest Karnataka 2022, the Global Investors Meet of the state via video conferencing, he said that “Brand Bengaluru comes foremost to the mind when it comes to talent or technology. This name is well established not only in India but the entire world”
“We are continuously working towards cementing our fundamentals to further strengthen India’s economy with each passing day”, Modi said. The Prime Minister stressed the need to understand the trajectory of the Indian economy. He explained the change of approach from 9-10 years ago when the country was grappling with policy and implementation-related issues.
Building a New India is possible only with bold reforms, massive infrastructure and the best of talent. Today bold reforms are carried out in every sphere of the government.” He mentioned GST, IBC, Banking reforms, UPI, abolition of 1500 outdated laws and 40 thousand unnecessary compliances.
He also said that steps like decriminalisation of many company law provisions, faceless assessment, new avenues for FDI, liberalisation of drone rules, geospatial and space sector and defence sector are bringing unprecedented energy. The Prime Minister said that the number of operational airports has doubled in the last 8 years and Metro has expanded in more than 20 cities.
The Prime Minister said that in the 21st century, from its current position, India has only to move forward. India received a record foreign investment of 84 billion dollars last year.
Referring to the sense of global optimism towards India, the Prime Minister said, “These are uncertain times, still most of the nations are convinced about the fundamentals of the Indian Economy. In this period of fragmentation, India is moving with the world and giving emphasis on working with the world”.
He asserted that India could assure the world about the supply of medicines and vaccines in the period of the disrupted supply chain. Despite a climate of market saturation, our domestic markets are strong due to the aspirations of our citizens, he added.
